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May '09 Final Issue for Conde Nast's Portfolio

85 people: staff, writers, photographers, are out of a job. At only two years old, the Conde Nast answer to Vanity Fair never had a chance in a tanking economic time, where all print mediums are taking a smack down. Some say Portfolio was doomed to fail from the start. A Conde Nast spokesperson said "The revenue projections needed to continue the publication did not exist at this time. The challenges facing this launch proved to be too great."

Portfolio had a circulation of 449,005 in the second half of 2008, according to the Audit Bureau of Circulations. But 91,493 of those copies were free. Public-place distribution and newsstand sell-through was 15.5 percent, which is quite low for the industry.

Last fall, the company cut 20 percent of its staff, and scaled back Portfolio's monthly frequency to 10 times for 2009, reducing its costs by 17 %. So far, in 2009 ad revenues have plummeted 59 percent, per the Mediaweek Monitor.




Scott Daly, Executive Media Director at Dentsu America, a branding and advertising agency, and an early supporter of Portfolio, said the magazine just didn't live up to its promise. "The concept sounded good-a deep dive supplemented with online," he said. "As a business executive, you're looking for context. But I would see a lot more interesting business articles in Vanity Fair and The New Yorker. While Portfolio had some success, I just didn't think they did it on a consistent basis."

Better go quick to http://www.portfolio.com/views/blogs/mixed-media/2009/04/27/conde-nast-closing-portfolio for more.
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Filed under: Photo News May 10, 2009
 
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